# Elsevier

# Economics Letters

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### 1988, Volume 28, Issue 3

**243-246 An index of prices and taxes : Spain 1981-1987***by*Abadia, Antonio**247-250 Information gathering and cost of living differences among searchers***by*Anglin, Paul M. & Baye, Michael R.**251-254 Margin requirements and stock market volatility***by*Ferris, Stephen P. & Chance, Don M.**255-258 Risk aversion and stock price volatility when dividends are difference stationary***by*Salyer, Kevin D.**259-262 Long-run limits on the US Federal debt***by*Kremers, Jeroen J. M.**263-268 Exchange rate variability and wage formation in open economies***by*Andersen, Torben M. & Sorensen, Jan Rose**269-272 Simulating currency substitution bias***by*Boon, Martin & Kool, Clemens & De Vries, Casper**273-276 Insurance provision under a solvency requirement***by*Hoy, Michael**277-280 Devaluation and non-traded goods in a labor migration model***by*Feldman, David H.**281-284 Self-employment and married women***by*Macpherson, David A.**285-290 Self-selection bias in longitudinal estimation of wage gaps***by*Solon, Gary**291-293 Growth and equity in Sri Lanka 1963-1982***by*Divisekera, S. & Felmingham, B. S.

### 1988, Volume 28, Issue 2

**105-108 Tied-in credit with a monopoly product market***by*Besley, Timothy**109-115 On multiplicity of consistent conjectures in free entry oligopoly***by*Tanaka, Yasuhito**117-121 Strategic renegotiation***by*Huberman, Gur & Kahn, Charles M.**123-127 An application of cremer's planning procedure to the optimal commodity taxation problem***by*Currier, Kevin M.**129-134 Bargaining and strategic search***by*McKenna, C. J.**135-139 Productivity and growth : Verdoorn's law revisited***by*Fase, M. M. G. & Van Den Heuvel, P. J.**141-146 Inflation and relative-price variability : Effect of temporal aggregation***by*Ram, Rati**147-150 The estimation of allocation models with autocorrelated disturbances***by*Giles, David E. A.**151-156 Optimal levels of significance of a pre-test in estimating the disturbance variance after the pre-test for a linear hypothesis on coefficients in a linear regression***by*Ohtani, Kazuhiro**157-161 The incompatibility of valued money and equilibrium policy***by*Loewy, Michael B.**163-168 A simple rule for managing the maturity structure of government debt***by*Rogers, Carol Ann**169-175 The technical efficiency of US banks***by*Rangan, Nanda & Grabowski, Richard & Aly, Hassan Y. & Pasurka, Carl**177-180 On interest rate innovations and anticipated monetary policy***by*Sephton, Peter S.**181-187 Explaining pay-as-you-go financed public pension systems***by*Verbon, H. A. A.**189-192 Public sector expansion in a mixed open economy with a real wage restriction***by*Nandakumar, Parameswar**193-197 The divergence of SIC industries from antitrust markets : Some evidence from price fixing cases***by*Werden, Gregory J.**199-203 Can event studies detect anticompetitive mergers?***by*McAfee, R. Preston & Williams, Michael A.

### 1988, Volume 28, Issue 1

**1-7 Memory and market stability : The case of the cobweb***by*Holmes, James M. & Manning, Richard**9-14 Inside money and real output***by*Lacker, Jeffrey M.**15-19 Ioffe's normal cone and the foundations of welfare economics: An example***by*Khan, M. Ali**21-25 Heterogeneous distribution of information and convergence to rational expectations equilibrium in a partial equilibrium model***by*Brusco, Sandro**27-31 Nash solution and timing of bargaining***by*Chun, Youngsub**33-35 Payoffs in generalized sequential bargaining games***by*Greenberg, Joseph**37-40 Multidimensional auctions***by*Thiel, Stuart E.**41-45 An agency theoretic explanation of capital flight***by*Jain, Arvind K.**47-51 Statistical model selection criteria***by*Yi, Gang & Judge, George**53-56 Stability analysis by means of modern linear systems theory***by*Nieuwenhuis, J. W.**57-61 Increasing the likelihood value by adding constraints***by*Levy, David**63-68 On the accuracy of the mean-variance approximation for futures markets***by*Newbery, David M.**69-73 Rational expectations in second moments, the J-curve, and the Harrod effect***by*Vannini, Marco E. C.**75-79 Risk-taking by firms near bankruptcy***by*Golbe, Devra L.**81-85 A new approach to modelling the effects of incomes policies***by*Lewis, Philip E. T. & Kirby, Michael G.**87-91 A note on the modelling of circular smallholder migration***by*Bigsten, Arne**93-96 Divergent trends in the discouragement of adult men, adult women, and teenagers: 1970-1986***by*Maloney, Tim & Ratti, Ronald A.**97-103 Generating conditional expectations from models with selectivity bias***by*Vella, Frank

### 1988, Volume 27, Issue 4

**305-310 Price fluctuations when only prices reveal information***by*Mirman, Leonard J. & Reisman, Haim**311-315 Probability calculations for transitivity of the simple majority rule***by*Gehrlein, William V.**317-319 A re-examination of Harrison's experimental test for risk aversion***by*Millner, Edward L. & Pratt, Michael D. & Reilly, Robert J.**321-325 Comparative risk aversion***by*Nielsen, Lars Tyge**327-331 Are productivity fluctuations due to real supply shocks?***by*Rudebusch, Glenn D.**333-335 On the rationality of the Michigan monthly survey of inflationary expectations***by*Baghestani, Hamid & Noori, Esmail**337-339 On the inadequacy of sufficient conditions under 'limited information' identification***by*Mallela, Parthasaradhi & Yoo, Sang-Hee**341-348 Tests of non-nested linear regression models subject to linear restrictions***by*Pesaran, M. H. & Hall, A. D.**349-354 A transformation for heteroscedastic error components regression models***by*Randolph, William C.**355-360 Velocity and the variability of money growth : Some international evidence***by*Chowdhury, Abdur R.**361-365 New tests of the theory of optimal seigniorage***by*Serletis, Apostolos**367-370 The long-run effects of income taxation under endogenous technical progress***by*Mino, Kazuo**371-373 Does conditional covariance or conditional variance explain time varying risk premia in foreign exchange returns?***by*Lee, Tom K.**375-379 Economic surprises and the behaviour of asset prices : Some analyses and further empirical results***by*Peel, David A. & Pope, Peter F.**381-385 Firm behavior in the rate design phase of the regulatory process***by*Snowberger, Vinson**387-390 A reformulation of the Harris-Todaro mechanism with endogenous wages***by*Moene, Karl Ove

### 1988, Volume 27, Issue 3

**205-208 Asymmetric equilibria in symmetric games with many players***by*Cabral, Luis M. B.**209-214 Communication, coordination and Nash equilibrium***by*Farrell, Joseph**215-221 Information dependent games : Can common sense be common knowledge?***by*Gilboa, Itzhak & Schmeidler, David**223-227 Precautionary saving and risk aversion : An anticipated utility approach***by*Segal, Uzi & Spivak, Avia & Zeira, Joseph**229-231 Dynamic specification and the demand for money function***by*Gupta, Kanhaya L. & Moazzami, Bakhtiar**233-238 Political business cycles in the parliamentary system***by*Ito, Takatoshi & Park, Jin Hyuk**239-244 Variability of inflation and the dispersion of relative prices : Evidence from the Chinese hyperinflation of 1946-1949***by*Quddus, Munir & Liu, Jin-Tan & Butler, J. S.**245-249 A simple model for heterogeneity in binary logit models***by*Beggs, John J.**251-255 On exact small sample properties of ordinary ridge estimators***by*Nomura, Masuo**257-263 Scale economies, perverse comparative statics results, the Marshallian stability and the long-run equilibrium for a small open economy***by*Ide, Toyonari & Takayama, Akira**265-270 Marshallian stability, long-run equilibrium and the pattern of specialization under factor-market distortions in the pure theory of international trade***by*Ide, Toyonari & Takayama, Akira**271-278 Partial revenue seeking and welfare***by*Yabuuchi, Shigemi**279-282 Optimal export subsidies and marginal cost differentials***by*Mai, Chao-cheng & Hwang, Hong**283-285 Interest rate determination in a small open economy : Singapore***by*Gupta, Kanhaya L.**287-292 Quality competition and threat of entry in duopoly***by*Hung, N. M. & Schmitt, Nicolas**293-297 Price vs. quantity competition in oligopoly supergames***by*Majerus, David W.**299-303 Testing the relevance of job search for job mobility***by*Hartog, Joop & Mekkelholt, Eddie & Van Ophem, Hans

### 1988, Volume 27, Issue 2

**105-110 Natural team sharing and team productivity***by*Fabella, Raul V.**111-115 Consistent conjectures equilibria: A reformulation showing non-uniqueness***by*Klemperer, Paul D. & Meyer, Margaret A.**117-121 A new parametric test for the structure of risk preferences***by*Pope, Rulon D.**123-127 Uniqueness of nash equilibrium points in bimatrix games***by*Quintas, Luis G.**129-132 Relation between inflation and relative-price variability in the United States: Evidence from data for the 1980s***by*Ram, Rati**133-140 Critical bounds for MA(2) and MA(3) processes***by*Lane, J. A. & Ceuppens, P. R. & Peel, D. A.**141-143 Autoregressive conditional heteroscedasticity: A comparison of ARCH and random coefficient models***by*Wolff, Christian C. P.**145-150 A non-linear model of interdependent consumer behaviour***by*Gaertner, Wulf & Jungeilges, Jochen**151-154 A theorem regarding elasticities of the transactions demand for money***by*Milbourne, Ross**155-158 Money announcements and the risk premium***by*Fischer, Andreas**159-165 The impact of tax reform on investment and saving incentives in Canada, the United States, the United Kingdom, and Japan***by*Daly, Michael J. & Mercier, Pierre & Schweitzer, Thomas**167-171 A note on optimal commodity taxation in India***by*Majumder, Amita**173-178 Determinants of the spread in a two-tier foreign exchange market***by*Flood, Robert & Marion, Nancy**179-182 On the separable industry performance evaluation function***by*Chakravarty, Satya R.**183-187 The trade union wage gap in Britain: Some new estimates***by*Green, Francis**189-193 The union wage profile of women: Potential vs. actual experience***by*Heywood, John S.**195-200 Distance functions and the comparison of development levels***by*Silber, Jacques & Berrebi, Z. M.**201-204 Measuring the size of revisions of regional data***by*Theil, Henri & Taylor, Carol A.

### 1988, Volume 27, Issue 1

**1-4 Note on equilibria without ordered preferences in topological vector spaces***by*Kajii, Atsushi**5-6 A note on an optimal garnishing rule***by*Dubey, P. & Shubik, M.**7-9 A limit theorem on the core***by*McKenzie, Lionel W.**11-14 The stability of Canadian macroeconomic data as measured by the largest Lyapunov exponent***by*Frank, Murray & Stengos, Thanasis**15-21 A characterization of employment distortions in labor contracts with asymmetric information***by*Abdalla, Adil E. A.**23-25 Dynamics sales discriminate against uninformed consumers in a competitive market***by*Fishman, Arthur**27-30 Rothschild-Stiglitz competitive insurance market under quasilinear preferences***by*Shi, Shou Yong**31-34 Are saving and investment co-integrated?***by*Miller, Stephen M.**35-40 Price inflation and wage inflation : A cause-effect relationship?***by*Fosu, Augustin Kwasi & Huq, Shamsul**41-45 Invariance of expected utilities in logit models***by*Anas, Alex & Feng, Cheng Min**47-53 Estimation of error variance in linear regression models with errors having multivariate student-t distribution with unknown degrees of freedom***by*Singh, Radhey S.**55-59 The non-optimality of the over-the-counter options dividend protection***by*Harpaz, Giora**61-65 The measurement of export instability : A methodological note***by*Tsui, Kai Yuen**67-71 The black market for foreign exchange : An international comparison***by*Fishelson, Gideon**73-77 A non-parametric test of a first-order Markov process for regimes in a non-cooperatively collusive industry***by*Berry, Steven & Briggs, Hugh**79-82 The impact of market share, tariffs and quotas on the performance of international cartels***by*Rothschild, R.**83-87 Market value and patents : A Bayesian approach***by*Connolly, Robert A. & Hirschey, Mark**89-94 The effect of taxation on labor supply when on-the-job amenities are endogenous***by*Decker, Paul T.**95-99 The earnings function under test***by*Wagner, Joachim & Lorenz, Wilhelm**101-104 Consumption, leisure and earnings-related liquidity constraints : A note***by*Alessie, Rob & Melenberg, Bertrand & Weber, Guglielmo

### 1988, Volume 26, Issue 4

**299-303 On the constrained Walrasian and Lindahl correspondences***by*Tian, Guoqiang**305-309 Interest rate innovations and the business cycle***by*Ambler, Steve & Phaneuf, Louis**311-314 Intransitive indifference and incomparability***by*Gensemer, Susan H.**315-319 The comparative statics of a competitive industry facing demand uncertainty***by*Tressler, J. H. & Menezes, C. F.**321-324 The impossibility of stable renegotiation***by*Van Damme, Eric**325-328 Equilibrium in a market with sequential bargaining and random outside options***by*Vislie, Jon**329-334 Hopf bifurcations in multisector models of optimal economic growth***by*Zhang, Wei-Bin**335-340 An example of correlation among residuals in directly ordered data***by*Gaudry, Marc J. I. & Blum, Ulrich C. H.**341-347 Generalised portmanteau statistics and tests of randomness: A note on their applications to residuals from a fitted ARMA model***by*Kwan, Andy C. C. & Sim, Ah-Boon**349-352 A note on global asymptotic stability of non-linear difference equations***by*Szidarovszky, Ferenc & Okuguchi, Koji**353-356 Settlement system and the day-of-the-week effect***by*Lee, Tom K.**357-361 Does social cost-benefit analysis measure overall utility change?***by*Price, Colin**363-367 Rational expectations as long-run equilibria: Tests for Indian securities***by*Kapur, Deep & Ravallion, Martin**369-373 Stationarity and outliers in annual accounting earnings***by*Guerard, John Jr.**375-380 The impact of buyers' expectations on entry deterrence***by*Besanko, David & Donnenfeld, Shabtai**381-386 Product differentiation, oligopolistic interdependence, market share, and profits***by*Forbes, Kevin F.**387-392 Families, migration and adjusting to disequilibrium***by*Shields, Gail M. & Shields, Michael P.

### 1988, Volume 26, Issue 3

**203-207 Equilibria in economies with countably many commodities***by*Besada, Manuel & Estevez, Margarita & Herves, Carlos**209-213 A regional analysis of food consumption in Spain***by*Chung, Ching-Fan & Lopez, Elena**215-218 Optimal shutdown decisions in resource extraction***by*Olsen, Trond E. & Stensland, Gunnar**219-224 Does GNP have a unit root? : Evidence for the UK***by*Walton, David R.**225-226 A strategic aspect of the strong positive association condition***by*Greenberg, Joseph**227-233 A model of sequential auctions***by*Hausch, Donald B.**235-239 Intertemporal substitution, taste shocks and cointegration***by*Kugler, Peter**241-246 The real wage-employment relationship : An industry analysis***by*Montgomery, Edward & Shaw, Kathryn**247-252 The jackknife and regression with AR(1) errors***by*Kwok, Ben & Veall, Michael R.**253-258 Covariances between estimated autocorrelations of an ARMA process***by*Kanto, Antti J.**259-264 Estimation of a general linear model with an unobservable stochastic variable***by*Shrestha, Keshab**265-270 Testing separability of production using flexible functional form profit functions***by*Pope, Rulon D. & Hallam, Arne**271-276 Inflation risk and the speed of adjustment in short-run money demand functions***by*Sweeney, Richard J.**277-280 Taxation of capital gains on foreign exchange transactions and the non-neutrality of changes in anticipated inflation***by*Schinasi, Garry J.**281-284 Small-firm mobility : A first report***by*Acs, Zoltan J. & Audretsch, David B.**285-290 Black-white earnings ratios : The role of cohort size effects***by*Berger, Mark C. & Allen, Jacqueline F.**291-294 Large sample tests for absolute Lorenz dominance***by*Bishop, John A. & Chakraborti, S. & Thistle, Paul D.

### 1988, Volume 26, Issue 2

**103-106 The equal-loss principle for bargaining problems***by*Chun, Youngsub**107-110 Rational expectation equilibrium under quasilinear preferences : A diagrammatic approach***by*Shi, Shou Yong**111-119 Price instability and inflation : Some tests based on rational expectations models***by*Darrat, Ali F. & Lopez, Franklin A.**121-124 Macroeconomic aspects of the correlation between the level and variability of inflation***by*Demetriades, Panikos**125-128 Testing exogeneity in a probit model***by*Even, William E.**129-132 Seasonality and the estimation of dynamic demand systems : Some exploratory results***by*Katsaitis, O.**133-135 A further theoretical result for generalized ridge regression estimators***by*Pliskin, Jeffrey**137-140 Estimating covariances of parameter estimates from different models***by*Turner, Robert W. & Rockel, Mark L.**141-145 On the computation of estimators in systems with implicity defined variables***by*Prucha, Ingmar R. & Nadiri, M. Ishaq**147-152 A characterization of economies with the non-substitution property***by*Herrero, Carmen & Villar, Antonio**153-157 Price formation in input-output analysis***by*Junius, Theo**165-168 A disequilibrium model of public spending***by*Dudley, Leonard & Montmarquette, Claude**169-173 An empirical re-examination of Wagner's law***by*Abizadeh, Sohrab & Yousefi, Mahmood**175-178 Second-best property value capitalization***by*Crane, Randall**179-182 Self-defeating and welfare-improving DUP redistribution of capital assets***by*Lundahl, Mats**183-188 Measures of money and the monetary model of the Canadian-US dollar exchange rate***by*Marquez, Jaime & Schinasi, Garry J.**189-195 Portfolio diversification and taxation***by*Appelbaum, E. & Katz, E.**197-201 Separability of capital and labor in US manufacturing***by*Clark, Don P. & Hofler, Richard & Thompson, Henry

### 1988, Volume 26, Issue 1

**1-5 The excess utility functions and the welfare adjustment process***by*Serra, Pablo**7-13 Imperfect competition and the Keynesian cross***by*Mankiw, N. Gregory**15-19 Revenue equivalence in multi-object auctions***by*Engelbrecht-Wiggans, Richard**21-27 The characterization of savings under uncertainty : The case of serially correlated returns***by*Salyer, Kevin D.**29-31 Biases in dynamic models with fixed effects***by*Beggs, John J. & Nerlove, Marc**33-36 Missing measurements in limited dependent variable models***by*Lien, Donald & Rearden, David**37-41 Comparing the Wald, LR and LM tests for heteroscedasticity in a linear regression model***by*Maekawa, Koichi**43-47 Some asymptotic theory for the bootstrap in econometric models***by*Rayner, Robert K.**49-51 The positive-part Stein-rule estimator and tests of linear hypotheses***by*Ullah, Aman & Giles, David E. A.**53-56 Covered interest parity and UK monetary 'news'***by*MacDonald, R. & Torrance, T. S.**57-61 Finite horizons and the non-neutrality of money***by*Van Der Ploeg, Frederick & Marini, Giancarlo**63-67 A simple model of technology transfer***by*Marjit, Sugata**69-72 The welfare effects of capital inflow in the presence of a tariff (quota) with revenue (premium) seeking***by*Anam, Mahmudul**73-75 Official Australian intervention in foreign exchange markets, 1977 to 1986***by*Hopkins, Sandra**77-81 Balance-of-payments crises and monetary policy reactions in a model with imperfect substitutability between domestic and foreign bonds***by*Willman, Alpo**83-88 Industry equilibrium with uncertainty and labor-managed firms***by*Haruna, Shoji**89-93 Intra-firm diffusion and the wage bargain***by*Felmingham, B. S.**95-97 Earnings and the principal components of job performance***by*Lee, Kiong-Hock & Nagaraj, Shyamala**99-102 Efficient union bargains with a random arbitrator***by*Sampson, Anthony A.

### 1987, Volume 25, Issue 4

**301-302 Nash equilibria equal competitive equilibria***by*Levine, David K.**303-306 The unique minimal cash flow competitive equilibrium***by*Shubik, Martin**307-310 Rate-of-return regulated cost function : Shephard's lemma and curvature properties***by*Lasserre, Pierre & Ouellette, Pierre**311-314 Intransitive social strict preference and the Arrow theorem***by*Denicolo, Vincenzo**315-318 A note on feasible implementations***by*Reichelstein, Stefan**319-322 Verifying the betweenness axiom with questionnaire evidence, or not : Take your pick***by*Conlisk, John**323-327 No unit root conditions for bivariate series when a component univariate series has a unit root***by*Aoki, Masanao**329-333 A new method for measuring technological change***by*Basmann, R. L. & Hayes, K. J. & Slottje, D. J. & Molina, D. J.**335-338 A note on collinearity, bootstrapping, and cross-validation***by*Delaney, Nancy Jo & Chatterjee, Sangit**339-344 The class of ban estimators of a single structural equation with structural change***by*Hodoshima, Jiro**345-349 On the profitability of using forecasts***by*Ilmakunnas, Pekka